Post Utme Futo 2022 Economics Question 1

Practice objective / multiple choice question 1 from the 2022 Post Utme Futo Economics examination.

Post Utme Futo 2022 Economics Objective / Multiple Choice
Question 1 POST_UTME_FUTO • 2022 • ECONOMICS • objective

Consider a firm operating in a perfectly competitive market with a production function Q = 2L^0.5K^0.5. If the firm's current input prices are w = 10 and r = 20, and the current output price is p = 50, what is the firm's optimal input combination?

Answer Options

Correct Answer A. (L, K) = (100, 100)
B. (L, K) = (50, 50)
C. (L, K) = (200, 200)
D. (L, K) = (150, 150)
Correct Answer
A
Correct Option:
(L, K) = (100, 100)

About This Question

This is Post Utme Futo 2022 Economics Question 1. It is one of the objective questions from the 2022 Post Utme Futo Economics examination.

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